Company Registration No. 07447718 (England and Wales)
BLUSEAL (HOLDINGS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
BLUSEAL (HOLDINGS) LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
BLUSEAL (HOLDINGS) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
335,860
-
Investments
340
240
336,200
240
Current assets
Trade and other receivables
5
131,594
-
Cash and cash equivalents
65,000
960
196,594
960
Current liabilities
6
(320,152)
-
Net current (liabilities)/assets
(123,558)
960
Total assets less current liabilities
212,642
1,200
Non-current liabilities
7
(209,727)
-
Net assets
2,915
1,200
Equity
Called up share capital
9
1,300
1,200
Retained earnings
1,615
-
Total equity
2,915
1,200
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial Period ended 31 March 2019 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BLUSEAL (HOLDINGS) LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2019
31 March 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 3 September 2019 and are signed on its behalf by:
Mr S Spencer
Director
Company Registration No. 07447718
BLUSEAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2019
- 3 -
1
Accounting policies
Company information
Bluseal (Holdings) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Almswood House, 93 High Street, Evesham, Worcestershire, United Kingdom, WR11 4DU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
5% on cost (excluding land)
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.3
Non-current investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.4
Impairment of non-current assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
BLUSEAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 4 -
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.7
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was 3 (2018 - 0).
3
Property, plant and equipment
Land and buildings
£
Cost
At 1 February 2018
-
Additions
335,860
At 31 March 2019
335,860
Depreciation and impairment
At 1 February 2018 and 31 March 2019
-
Carrying amount
At 31 March 2019
335,860
At 31 January 2018
-
Land & buildings include the land at cost of £111,953 (2018:£0) that has not been depreciated.
BLUSEAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2019
- 5 -
4
Subsidiaries
The company's investments at the Balance Sheet date in the share capital of companies include the following:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Bluseal Doors Limited
Dormant
Ordinary
100.00
Bluseal Metals Limited
Dormant
Ordinary
100.00
Bluseal Limited
Manufacturing
Ordinary
100.00
5
Trade and other receivables
2019
2018
Amounts falling due within one year:
£
£
Trade receivables
8,999
-
Amounts owed by group undertakings
122,254
-
Other receivables
341
-
131,594
-
6
Current liabilities
2019
2018
£
£
Bank loans and overdrafts
83,519
-
Trade payables
614
-
Taxation and social security
1,898
-
Other payables
234,121
-
320,152
-
7
Non-current liabilities
2019
2018
£
£
Bank loans and overdrafts
209,727
-
BLUSEAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2019
- 6 -
8
Borrowings
2019
2018
£
£
Bank loans
293,246
-
Payable within one year
83,519
-
Payable after one year
209,727
-
The long-term loans are secured by fixed charges over the Company's assets.
9
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1,300 (2018: 1,200) Share Capital 1 of £1 each
1,300
1,200
10
Directors' transactions
Dividends totalling £250,000 (2018 - £0) were paid in the Period in respect of shares held by the company's directors.
At the date of the Financial Statements the company owed the Directors £193,510 (2018:£0). The loans are interest free.